08.01.202621:05:26UTC+00TSX Rebounds on Commodity Strength

The S&P/TSX Composite Index climbed by 0.8%, closing at 32,379 on Thursday, buoyed by widespread gains among commodity producers. The energy sector drove the upward momentum, with companies like Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus seeing increases ranging from 1% to 3.4%. This surge came as oil prices recovered from a two-day decline, driven by stronger U.S. physical market balances and a larger-than-anticipated drawdown in crude inventories, countering worries about excessive global supply and ongoing uncertainty surrounding Venezuelan oil flows. Prominent mining firms also saw a recovery, with Agnico Eagle, Barrick, and Wheaton Precious Metals gaining between 0.4% and 2.4%, while major banks maintained positive performance. As market participants turn their focus to Friday’s December jobs report for insights on the Bank of Canada’s upcoming policy decisions, Prime Minister Mark Carney is slated to visit China next week as Canada aims to diversify its trade relationships in response to significant U.S. tariffs.